Early Warning System

Countries

Rwanda

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

International Finance Corporation (IFC)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Active

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 7, 2019

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Rwanda Capital Market

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Advisory Services

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 1.52 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 28, 2021

Disclosed by Bank May 5, 2021

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Since inception in 2007, the Rwanda capital market has developed an enabling regulatory framework that meets basic requirements for issuance and trading of securities. The market, however, requires further development of conditions for deeper market development to enable more issuance of securities; increase capacity of market players, intermediaries, investors and issuers; and increase trading and liquidity of the secondary market for both government and non-government securities.

The Rwanda Capital Market Development (CMD) project is aimed at facilitating access to long term local currency financing for key sectors. Project activities will focus on increasing secondary market liquidity in the government debt market, increasing supply and issuance of non-government bonds and development of a professional investor base. The project will also assess potential to use alternative investment vehicles and instruments to mobilize long-term financing for strategic sectors such as SMEs and housing.

The main source of expected market impact will be derived from in country demonstration effects and replicability of securities transactions issued with the project's support and creation of new capital market products to expand investible options and products. In addition, any policy and regulatory gaps that are identified while supporting transactions, will be addressed to enable market actors to access financing through a best practice legal and regulatory system for issuance, trading, settlement and investing in long term local currency bonds. The program will also build capacity and skills of regulators and market participants which will enable these actors to better manage and expand capital markets through improved ability to develop appropriate regulatory and supervisory frameworks and enhanced understanding of opportunities and risks of participating in capital market transactions.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

In addition, any policy and regulatory gaps that are identified while supporting transactions, will be addressed to enable market actors to access financing through a best practice legal and regulatory system for issuance, trading, settlement and investing in long term local currency bonds.

The program will also build capacity and skills of regulators and market participants which will enable these actors to better manage and expand capital markets through improved ability to develop appropriate regulatory and supervisory frameworks and enhanced understanding of opportunities and risks of participating in capital market transactions.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

International Finance Corporation (IFC)

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFCÕs Access to Information Policy Advisor, who reports directly to IFCÕs Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org